Question: Purpose: To assess your ability to:
1. Describe and explain the law of demand
2. Describe and explain the law of supply
3. Explain the role of price in reaching a market equilibrium
Action Items
1. Post a real-world example of how a change in demand resulted in a change in the market price. Provide a second example of how a change in supply resulted in a change in the market price. How does the price mechanism work to keep markets in equilibrium?
2. Post the above introduction to the Class Discussion Board.
• Respond to the postings of two of your classmates.